• Australian Developments

    Accounting Issues & Trends that impact your business.

Financial reporting in Australia

Businesses today face an ever-expanding range of accounting issues in additional to the monitoring changes in international financial reporting standards (IFRS). BDO continually explores the Australian financial reporting landscape to identify those that matter most. We’ve compiled these resources based on our findings to help you learn more about key accounting and regulatory changes, and how they may affect your business or industry.

ASIC Issues

Date Resource
25/06/2019 ASIC focus areas for 30 June 2019 financial reporting surveillance
20/05/2019 Regulation approved to double size thresholds for large private companies reporting to ASIC
22/02/2019 Almost 25% of financial reports reviewed by ASIC result in enquiries on the appropriate accounting treatment
18/12/2018 ASIC focus areas for 31 December 2018 financial reporting surveillance
22/06/2018 Disclosing the impact of new accounting standards is top of ASIC’s focus areas for its 30 June 2018 financial reporting surveillance program
23/02/2018 Almost one in four financial reports reviewed by ASIC result in enquiries on appropriate accounting treatment
18/12/2017 ASIC calls on preparers to focus on financial report quality and new requirements (Focus areas for 31 December 2017 financial reports)
25/07/2017 Impairment still the biggest issue for ASIC in its surveillance on 31 December 2016 financial reports
26/06/2017 ASIC calls on preparers to focus on the quality of financial information (focus areas for 30 June 2017 financial reports)
21/02/2017 ASIC expects companies to respond to the three new accounting standards
20/10/2016 More financial reporting class orders replaced with new instruments
21/09/2016 More financial reporting class orders replaced with new instruments
20/06/2016 ASIC calls on directors to apply realism and clarity to 30 June 2016 financial reports
21/04/2016 ASIC reissues rounding and other class orders
18/02/2016 ASIC to remake more financial reporting class orders
18/12/2015 ASIC focus areas for 31 December 2015 financial statements
19/11/2015 ASIC to remake some financial reporting class orders
24/08/2015 More ASIC enforcements – Jervois Mining restate their financial statements
20/07/2015 Restatement of financial statements from ASIC enquiries now extending to private companies
20/07/2015 Rule changes for resignation of auditors of public
20/07/2015 ASIC extends Class Order 14/632 for key management personnel equity instrument disclosures to 31 December 2015
17/06/2015 ASIC focus areas for 30 June 2015 financial reports
17/06/2015 ASIC Information Sheet for directors on the role of directors in impairment testing
20/05/2015 ASIC penalising entities for failing to lodge financial reports
22/04/2015 Recent ASIC enforcements – Entities restate their financial statements
18/03/2015 Class Order for KMP remuneration extended
18/03/2015 When goodwill is not goodwill – Primary Health Care restate their financial statements
18/03/2015 Directors – how good is your accounting knowledge?
11/12/2014 ASIC focus areas for 31 December 2014
21/07/2014 ASIC focuses for 30 June 2014 financial reports
21/07/2014 ASIC grants relief for KMP disclosures because of Corporations Regulations anomalies
20/06/2014 ASIC focus areas for 30 June 2014 financial reports
21/02/2014 ASIC clarifies presentation of financial statements by stapled entities
12/12/2013 ASIC issues guidance to directors on financial reporting responsibilities
20/11/2013 ASIC focus areas for 31 December 2013 financial reports
19/09/2013 ASIC issues class order relief for stapled securities financial reporting
21/08/2013 Listed entity Operating and financial review reminder for 30 June 2013 annual reports
22/07/2013 ASIC's findings for financial reports of proprietary companies
21/05/2013 ASIC issues guidance on the operating and financial review – Applies to 30 June 2013
15/03/2012 Regulatory Guide 230 Disclosing non-IFRS financial information

Corporate Governance

Date Resource
21/03/2019 New Corporate Governance Principles and Recommendations for listed entities – No need for ‘social licence to operate’
22/02/2019 New governance principles and guidance for not-for-profit entities (NFPs) 
23/05/2018 Safe harbour insolvency reforms to provide directors relief from insolvent trading provisions
21/07/2016 ASIC puts all corporate governance resources in one place for easier access by boards
17/06/2015 Attention directors – ASX Corporate Governance changes – Part 10 – The revised ASX Corporate Governance Principles have already been in effect for 1 year
20/05/2015 Attention directors – ASX Corporate Governance changes – Part 9 – Gender diversity
22/04/2015 Attention directors – ASX Corporate Governance changes – Part 8 - The challenges facing ASX boards with operations in emerging markets
18/03/2015 Attention directors – ASX Corporate Governance changes – Part 7 – The role of the audit committee and the internal audit function
18/02/2015 Attention directors – ASX Corporate Governance changes – Part 6 – Role of the board in managing and monitoring risk
11/12/2014 Attention directors – ASX Corporate Governance changes – Part 5
20/11/2014 Attention directors – ASX Corporate Governance changes – Part 4
21/10/2014 Attention directors – ASX Corporate Governance changes – Part 3
16/09/2014 Attention directors – ASX Corporate Governance changes – Part 2
20/08/2014 Attention directors – ASX Corporate Governance changes – are you ready?

New Conceptual Framework

Not-for-profit entities

Date Resource
22/08/2019 NFPs - Allocating the transaction price to performance obligations under AASB 15
21/07/2019 Grants to NFPs to transfer research findings to a customer – Does AASB 15 or AASB 1058 apply?
21/07/2019 Proposed changes to not-for-profit entity definition
25/06/2019 Grants to NFPs to transfer research findings to a customer – Does AASB 15 or AASB 1058 apply?
20/05/2019 Grants to NFPs to transfer a licence to a customer – Does AASB 15 or AASB 1058 apply?
18/04/2019 Grants to NFPs to deliver intellectual property (IP) to a customer – Does AASB 15 or AASB 1058 apply?
21/03/2019 AASB issues two new FAQs on how schools recognise income from waiting list fees and enrolment fees
21/03/2019 Annual financial reporting checklist for charities
22/09/2019 Deferral of fair value requirements for peppercorn leases approved by AASB
22/09/2019 How to identify ‘sufficiently specific’ performance obligations when assessing whether AASB 15 or AASB 1058 applies
22/02/2019 New governance principles and guidance for not-for-profit entities (NFPs) 
18/12/2018 AASB issues exposure draft to commence process for deferring fair value requirements for right-of-use assets subject to peppercorn leases  
22/11/2018

AASB defers requirements for NFP lessees to fair value peppercorn leases

22/11/2018

Application date of AASB 1059 Service Concession Arrangements: Grantors delayed until 2020

22/11/2018

How will the new revenue standard (AASB 15) impact NFPs?

22/10/2018 Removal of duplicative financial reporting for NSW associations
22/10/2018 AASB approves Implementation Guidance for Not-for-Profit Public Sector Licensors
24/09/2018 Duplicative financial reporting to end for Victorian associations
24/09/2018 Possible increases in revenue thresholds for charities reporting to the ACNC
22/02/2018 Quadruple threat – Four new accounting standards for not-for-profit entities
18/12/2017 Changes to financial reporting for ACT associations
22/09/2017 Directors/CEOs of charities – 30 June 2017 financial reporting checklist
22/08/2017 More infrastructure projects (service concession arrangements) of public sector entities to be recognised on balance sheet
28/06/2017 Accounting Standards Update for Community Housing
26/06/2017 Summary of changes made to accounting standards for not-for-profit entities
19/05/2017 Not-for-profit entities (NFPs) to recognise peppercorn leases on the balance sheet
19/05/2017 AASB issues agenda decision on materiality of KMP transactions in the public sector
21/02/2017 New standard on income recognition for not-for-profit entities
21/02/2017 New reporting requirements for South Australian charities and prescribed associations
17/11/2016 New reporting requirements for Tasmanian associations
20/10/2016 AASB issues fatal flaw draft standard on income of NFPs’
21/09/2016 AASB defers application of AASB 15 Revenue from Contracts with Customers for not-for-profit entities
21/09/2016 Fatal flaw draft standard ready for income of NFPs
17/08/2016 Simplified impairment requirements for NFPs – no more assessment of depreciated replacement cost
17/08/2016 Updated NFP financial reporting guide from Chartered Accountants Australia and New Zealand
21/07/2016 Associations benefit from state red tape reduction but must now lodge with the ACNC
21/04/2016 ACNC transitional reporting continues
17/03/2016 ACNC is here to stay
17/03/2016 ED 270 - The reporting proposal that nobody asked for
24/08/2015 AASB roundtable discussions on proposals to change income recognition for not-for-profit entities
24/08/2015 Relief from certain fair value disclosures for not-for-profit public sector entities
18/03/2015 Better matching of income and expenses for not-for-profit entities
18/02/2015 Relief for public sector entities from fair value disclosures